December 22, 2011, 12:22 PM

Quarterly web sales drop again for American Greetings

In Q3 e-commerce accounted for a smaller part of total revenue.

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The e-commerce slump at American Greetings Corp. continues.

For the third quarter of fiscal 2012 ended Nov. 25, American Greetings, No. 187 in the Internet Retailer Top 500 Guide  reported:

  • Sales for AG Interactive, the company’s e-commerce business unit, declined 12.0% to $16.9 million from $19.2 million in the third quarter of fiscal 2011.
  • Total sales increased year over year 7.8% to $463.6 million from $430.1 million.
  • Net income decreased 37.1% to $20.2 million from $32.1 million.

Internet Retailer calculates the Internet accounted for 3.6% of total sales compared with 4.5% in the third quarter of fiscal 2011. “With our strong revenue growth this quarter, we feel more confident regarding our ability to hit or surpass the full year revenue growth target of 3%,” says CEO Zev Weiss.

 For the first three quarters:

  • Sales for AG Interactive declined 11.3% to $49.7 million from $56 million in the first three quarters of fiscal 2011.
  • Total sales increased year over year 5.1% to $1.23 billion from $1.17 billion.
  • Net income decreased 5.9% to $67.3 million from $71.5 million.

Internet Retailer calculates the Internet accounted for 4.0% of total sales compared with 4.8% in the first three quarters of fiscal 2011.

 

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